Podcasting: a new alternative to radio? Some banks are utilizing the internet to distribute marketing materials in the form of low-cost audio and video media files.

• Author: Lubetkin, Steven L.
• Position: Social Media

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Not long ago, the Sun National Bank of Vineland, N.J., was developing a campaign to promote its new mortgage subsidiary.

Rather than use traditional media such as print, television or radio, the bank, which has assets of $3.3 billion, decided to use a form of podcasting, which in this case, consisted of an audio media file distributed over the Internet.

The podcast contained an interview with the subsidiary's president and the chief loan officer, who described for first-time homebuyers the process of applying for a mortgage. The officers discussed such things as what to expect, what documents to pull together and how the process works.

The bank thought a podcast had the potential to reach beyond a traditional hard-sell campaign that focused only on products and services. In essence, the podcast publicized the subsidary's expertise and "thought leadership" in a low-key, informative way.

The bank was attracted to the medium's long shelf life. "It's not an ad or radio spot where you're in for a day or a few seconds," says Ed Malandro, senior vice president and direct of retail banking and marketing. "Podcasts can he kept on Web sites or used to complement other marketing activities ..." For example, you can hand out podcast recordings at trade shows, he notes.

Podcasts are also a good option when you're twing to stretch out a marketing budget, he adds.

Delivered 24/7

As the Sun National example shows, financial institutions are dipping their toes in the waters of the so-called "social media." that is, media that use the Internet to distribute news, photos, and audio and video files. Podcasts, which consist of either audio or video files, offer a fresh new way to communicate with customers as well as employees and stockholders.

Effective podcasts entertain and inform audiences, providing them with useful information, whether or not these listeners do business with your bank.

Unlike broadcast advertising, which can be expensive to produce and place, or audio- and video-news-release packages that may be used only on small broadcast stations late at night or not at all, podcasts are full-length programs that are delivered to a global audience 24-hours-a-day through the Internet. Podcast programs are served via Web sites, through the Apple iTunes Music Store (www.itunes.com) and through syndication technology known as an RSS "feed," which alerts podcast listeners automatically when new program content is available.

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